RBI leaves repo rates unchanged at 6 per cent

April 5:The Reserve Bank of India on Thursday kept repo rates unchanged at 6 per cent. The six-member Monetary Policy Committee, following its first bi-monthly meeting for the new fiscal today, noted that growth has been recovering and output gap is closing. The central bank has lowered inflation projection for financial year 2018-19 to 4.7-5.1 per cent in the first half and 4.4 per cent in the second half, reported .
Headed by RBI Governor Urjit Patel, the Monetary Policy Committee started its two-day meeting on Wednesday. It had last reduced the benchmark lending rate by 0.25 percentage points to 6 per cent last August, bringing it to a 6-year low. "The MPC decided to keep the policy repo rate on hold and continue with the neutral stance. The MPC reiterates its commitment to achieving the medium term target for headline inflation of 4 per cent on a durable basis," said the first bi-monthly monetary policy for 2018-19.
The repo rate, at which the central bank lends short-term money to other banks, will continue to stay at 6 per cent. The reverse repo, rate at which it borrows from banks and absorbs excess liquidity, will remain at 5.75 per cent.
Source: Agencies


  
  

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